In Florida, Insurance, Insurance News, Interesting News on July 29, 2014 at 1:32
Heritage Insurance Holdings Inc. announced that it has created an insurance program for commercial residential properties in Florida. According to a recent statement, the company’s new line will be written by Heritage Property & Casualty Insurance Co.
The new program will offer commercial products such as coverage for condominium associations, homeowner associations, continuing care retirement communities and apartment complexes.
Heritage Insurance says it is listening to its market and answered a need for this industry sector.
Will other companies follow suit?
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In Hurricane season on July 29, 2014 at 1:32
With 2014’s hurricane season expected to be fairly quiet, forecasters still believe it is important to be educated on basic hurricane information since climate change is rapidly fluctuating. Below are six things to know during this year’s hurricane season.
- SLOW SEASON EXPECTED
Forecasters are expecting a slower-than-usual Atlantic hurricane season, with eight to 13 tropical storms and three to six hurricane. There’s no way to tell whether any of those storms will strike the United States coastline during the six-month period.
- EL NINO
El Nino is a weather phenomenon which warms part of the Pacific every couple of years and changes rain and temperature patterns around the nation. It is expected to suppress the number and intensity of tropical storms and hurricanes this year. Cooler temperatures surfacing the Atlantic Ocean will also lower the probability of hurricane formations.
- WHEN DOES IT GET A NAME?
A tropical storm receives a name when wind speeds reach 39 mph. Hurricane wind speeds can reach on average 74 mph and the first name on the storm list is Arthur.
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In Florida, Insurance, Insurance Industry, Natural Disasters on July 8, 2014 at 1:32
Florida has made it to its eighth year being hurricane-free which leaves room to rejoice considering Florida’s size and geographical position reaching into the warm waters of the Atlantic creates a risky spot for hurricanes to form. Despite the high risk location, the condo market is booming.
More than 200 new residential towers near the Atlantic waters have been anticipated for South Florida since 2011. Since then, nearly 50 new high-rises have been built, some already completed. The increase in condos along the coast illustrates the insatiable appetite for coastal living.
This year Florida supposedly is benefiting from an El Nino weather patterns which forecasters believe will produce a below average number of storms. However, precautions still must be taken since forecasters believe that one large storm can make for a disastrous season.
Almost 80 percent of Florida’s residential and commercial property valued around $3 trillion – lies in susceptible coastal areas. Since Florida has not had a major hurricane since Wilma in 2005, Florida’s Hurricane Catastrophe Fund has collected $13 billion.
To read more on insurance policies and precautions click here.